Nine individuals suspected of being involved in the Juicy Fields digital scam were arrested on Thursday, April 11, as part of a major European crackdown. More than 400 police officers were mobilized in ten countries for this unprecedented operation, coordinated by Europol and Eurojust (the European Union’s judicial cooperation unit), leading to nearly forty raids. Europol, the European agency specialized in combating organized crime, reported that investigators have so far seized or frozen “4,700,000 euros from bank accounts, 1,515,000 euros in cryptocurrencies, 106,000 euros in cash, and 2,600,000 euros in real estate assets”, as well as several luxury vehicles and pieces of art, totaling over 9 million euros in assets.
The scam, which started in April 2020, offered investors the opportunity to purchase therapeutic cannabis plants with a minimum investment of 50 euros, promising to receive the proceeds from the sale to accredited buyers. To lure victims, the Juicy Fields website promised returns of at least 36% in just three months. After testing the platform’s reliability with small amounts, some victims invested larger sums – up to tens of thousands of euros, according to testimonies obtained by Le Monde in 2022. In France and many other countries around the world, numerous digital cannabis growers, known as e-growers, attempted to grow their savings. According to Europol, over the course of two years, “nearly 186,000 people” transferred funds to Juicy Fields owners, using cryptocurrencies or bank transfers to institutions in countries known for lax financial regulations.
Such a system, with unrealistic financial returns, cannot be sustained for long. “It’s a classic case of ‘too good to be true,'” notes Europol. The initial investments were paid with fresh money brought in by newer e-growers, revealing that Juicy Fields was actually operating as a Ponzi scheme. In July 2022, the perpetrators behind the site abruptly shut down operations, pocketing the invested money and leaving many victims in the lurch. “It’s a classic tactic used by online scammers, unfortunately seen every day on the networks,” says Arnaud Delomel, lawyer for 450 French victims.
Many victims were left devastated and defrauded by the Juicy Fields scam, highlighting the risks associated with online investment schemes promising high returns in a short period of time. The closure of Juicy Fields and subsequent arrests of those involved demonstrate the efforts of law enforcement agencies to dismantle such criminal operations and hold perpetrators accountable. The coordination of Europol and Eurojust across multiple countries serves as a testament to the importance of international cooperation in combating digital fraud and protecting investors from falling prey to elaborate scams promising easy profits. As investigations continue and more details emerge, it is crucial for individuals to exercise caution and due diligence when considering investment opportunities, especially in the digital realm where scams can easily proliferate.
